EV charging network IONITY powers up with €700 million in new juice

Bavarian high-power charging station network IONITY has announced a fresh €700 million investment round. Manufacturer agnostic, IONITY’s charging stations are present in 24 countries, with the new juice powering up further European expansion plans. The company aims to quadruple the number of charging points to some 7,000 by 2024. While it remains unconfirmed, Reuters reported last month that BlackRock’s Global Renewable Power platform, the only non-OEM IONITY shareholder sunk the lion's share into the investment at €500 million.

While US-based ChargePoint is attempting to make its mark on Europe through a series of acquisitions, IONITY investors including BMW Group, Ford Motor Company, Hyundai Motor Group with KIA, Mercedes-Benz AG, and Volkswagen Group with Audi and Porsche, and now BlackRock simply aren’t having it.

"The entry of BlackRock as a shareholder and the commitment of our current shareholders underline IONITY's attractiveness for investors and confirm the strength of our strategy. The trust and investment of all shareholders will accelerate IONITY's growth, the expansion of our high-power charging network across Europe, and more broadly, the decarbonisation of the mobility sector," commented IONITY CEO Dr. Michael Hajesch.

Of the 7,000 new charging stations to be built, IONITY reports that the locations will have a higher average of six to twelve terminals available at any given time and existing locations will see more charging ports added. Likewise, the company plans to build not only on motorways, but also near major cities and, supporting the shipping industry, along busy lorry roads as well.